January 22, 2019 / 2:52 PM / 5 months ago

Insurer Travelers to slow underwriting new business in California

Jan 22 (Reuters) - Property and casualty insurer Travelers Cos Inc said on Tuesday it is slowing underwriting new business in California due to wildfire risks.

The company’s shares fell as much as 2 percent in early trading, even as it reported better-than-expected profit and revenue in the fourth quarter.

Travelers also plans to raise rates of commercial auto insurance, the company said on a conference call. (Reporting by Bharath Manjesh in Bengaluru; Editing by Shounak Dasgupta)

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